We're, I think a minute or so after our scheduled time to start. The numbers are still building a little bit, I think we will get started. Good morning, everyone, welcome to this briefing on EQT Holdings' Half Year Results to 31 December 2022. I'm Mick O'Brien, I'm the Managing Director of the company, helping me today is Philip Gentry, our Chief Financial Officer and Chief Operating Officer. The agenda for this morning, I'm gonna give you an overview of the results for the half year, and also importantly, give you an update on how the AET acquisition and integration is going. I'll hand over to Philip, who's gonna take you through the financials.
I'll come back on to talk about the strategy and also the outlook of the company, then we'll take questions at the end. Let's jump into it. This just gives us a summary of the headline results, there's a couple of things I'll point out. Funds under management, administration, and supervision is the main driver of our revenue. You can see that's up to AUD 155 billion, a 4.4% increase on the June 30, 2022 number. You know, that's a pretty good result. If you look at the revenue is up 12.3% on the first half of 2022. That really represents really good organic growth across all three business units.
It's got 1 month contribution from the AET business, and that more than offsets the negative investment markets that were average over those two corresponding periods in isolation of revenue. If you look at the net profit figure of AUD 7.6 million, the underlying net profit after tax is AUD 13 million. That's 11.3% up on the prior half and 2.5% up on the first half of 2022. Statutory net profit after tax is down on PCP, primarily due to the one-off acquisition and integration costs that have occurred as a result of the AET acquisition. The dividend there is at AUD 0.49. That's AUD 0.01 up on the prior corresponding period and equal to the final dividend we declared for the financial year 2022.
Finally, the balance sheet remains in a really strong position with low gearing and healthy levels of liquidity. This slide just shows the progression of the funds under management, administration, and supervision. You see it's a really steady progression over each of the halves, recent halves, despite the market volatility that's been going on over this time period. We're now up to AUD 155 billion. I think probably what's more informative is to look at this by each of the business units. I'll just turn to that slide now, see how that number is built up. This shows for each of our three client-facing business units, the, I guess, the progression of funds under supervision. Firstly, in Corporate Trustee Services, you can see they're down roughly AUD 5 billion. I'll come to that.
On the superannuation side, they're up AUD 5 billion to AUD 39.9 billion of funds under supervision. Finally, Trustee & Wealth Services is up some AUD 6 billion to AUD 15.4 billion. If I just walk through each of those. Firstly, Corporate Trustee Services. That result's really driven by a couple of things. Some of our clients lost some mandates, that obviously impacts the funds under supervision. We also had one client, a AUD 3 billion client, internalize their trustee or wholesale trustee role. I should stress that was at 2 basis points, that AUD 3 billion, not an enormous impact on revenue, but obviously on the headline funds under supervision number. We continue to start a lot of new funds and get funds flow into those funds.
That's generating new business. We've had continued growth in the dual registry quota funds as fund managers seek to expand their distribution into the retail market. Pleasantly, the corporate trust appointments have continued to grow through the course of the last six months. If I move now to superannuation, as you can see there, it's gone from AUD 34.7 billion to AUD 39.9 billion. That's principally as a result of some new appointments. We're appointing to 2 new superannuation funds through the course of the period. The first one was Super SimpliPhier and the other one was Raiz Invest. It might be known to many people in the market. That was pleasing.
With the AET acquisition, we've taken on a portfolio of about 850 small APRA funds, with funds under supervision of about AUD 0.9 billion. A really good growth in the superannuation business in that period. Turning to Trustee & Wealth Services, I guess the biggest item of growth there is the acquisition of the Australian Executor Trustees business, adding AUD 5.9 billion of assets. TWS has also put on another AUD half billion dollars or so of assets in the time period. It's had a good period in terms of new business generation. Our specialist funds management business continued to perform well across all of its asset classes, managing assets there of AUD 4 billion.
Yeah, you know, I'll just sort of touch on how the overall company is positioned and how our strategy is unfolding. Firstly, I think the company is in a really solid position. There is increasing intensity in the regulatory environment. That really is, you know, a two-edged sword. It's difficult for all parties, but it's certainly an opportunity for us 'cause this is our specialty and this is the, if you like, the benefit we take, we provide to clients when we take on their trusteeship in the managed investment schemes and also for superannuation funds. I certainly look at it as an opportunity for us. Our focus strategy on of just focusing on trustee services, I think is holding us in great stead. We've held that strategy for many years.
I guess it's unique in the way we go about business and, you know, there is increasing demand for our professional, I guess, expertise and also the independence of the role that we bring to most of these arrangements. We are building the business to support growth. The AET acquisition, which completed on the first of December, just reminding people it's really complementary to our Trustee & Wealth Services business, gives us great strength in different market segments geographically as well as in different business lines. I'll come to more of that later on. We mentioned before that we're making major investments in technology.
That's to better serve our clients, improve the productivity of the business, and set us up for continued growth because we're very confident about the growth prospects of each of the lines of business. Finally, you know, this company continues to fulfill its purpose of trust and caring for people and enriching the broader community. I just wanna touch on the technology development because really, it's been an unprecedented deployment of new technology in the last 6 months, so I'm really pleased with the results. I'm just gonna walk around this slide. If I first start with Trustee Wealth Services, we deployed a new platform called iPhi. It's leading US technology from a group called Stellar.
We looked at it a couple of years ago in the US, and we think it's gonna position us really strongly in the active philanthropy market. We've transitioned our full active philanthropy book across AUD 250 million, and it's really gonna enable us to accelerate the development of that business. We've got the people, we've got the expertise, now we've got the technology platform, and of course, there is very signiPhicant demand in the market for increasing any structured philanthropy in Australia. It provides clients with full access, full self-service capability. It has everything loaded in there in terms of our IP as well as the, you know, the DGR charities that could be can be granted to.
We're really delighted with that, deploying that platform. If I move down to the other new platform in Trustee & Wealth Services, and that's the NavOne platform. That's gonna be our main platform replacing Garradyn, which we've had in place for more than 10 years. It's a, if you like, a once in a decade investment to upgrade into a new platform. NavOne comes from a group called TrustQuay in the U.K. We're also backing it up with Hub24's capability in terms of servicing these trusts. We've already completed phase 1 in December, loaded on one of our major clients, the AFL Players' Association, and also our cash management fund to the platform. This will be the future platform for all of our TWS business in the future.
Again, it provides client access capability, which we haven't had in the past. It's gonna streamline our processes, particularly in non-discretionary trusts, which will, you know, make us more efficient. This program will take 18 months to be fully implemented, so we've been building it progressively in stages and migrating across. We'll be migrating across our Trustee & Wealth Services business as well as the AET business from the Insignia platforms over the course of the 18 months. We'll move on to Corporate Trustee Services. We deployed a new sales platform in November last year.
Salesforce will be well known to everyone, but for this business, with AUD 100 billion of funds under supervision, something like 400 investment schemes, you know, and 120 fund manager clients and other clients, it's important that we had a really solid foundation of a platform that can automate some of our processes and really support our risk and compliance management and deliver service to clients. I'm really pleased with the rollout of the first phase of that. Finally, on the superannuation front, there's increasing demands by APRA for reporting on all superannuation funds and also for undertaking member outcome assessments. We had built the first stage of this platform previously. We've now developed it to a more proprietary platform for ourselves, and it rolls out in February and March.
I think this is an excellent example where we're utilizing data to analyze the whole client base and member outcomes, but then using trustee judgment where that needs to be applied and utilizing our data efficiently. You've heard me talk in the past about delivering for all our stakeholders, so nothing's changed on that front. I'll just quickly roll through this slide. Firstly, on employee engagement, which I think is so important to us at this point in time, given the employment market, and also given we're bringing on 170 people from Australian Executor Trustees. I think our hybrid workplace model has worked really well. We've just adjusted it slightly to be three days out of the Monday to Thursday window in the office at a minimum and Thursday a collaboration day for all.
We've been operating that way really quite from the start when we could come back to work and our staff have accepted it. I think it makes us really productive and it has a really appropriate balance and is competitive in the market. Just reminding our engagement and enablement results, we will be surveying again in April our employees. At the moment, we sit above the industry on engagement and at the high-performing level on enablement. If I move on to client satisfaction. We'll be watching this really closely as we roll out new platforms and also looking at the AET client base. At the last time we surveyed, our net promoter score was at +28 and the loyalty score at +41, so really positive results. Earnings per share.
The underlying EPS was down 11% on the first half and down 3.2% on the second half of 2022. That's primarily due to the capital raise that was done in September of AUD 125 million. Yet we've only got one month of earnings from, if you like, the AET business. So there's a mismatch there, if you like, in this six-month window. I mentioned before, the dividend has been maintained at AUD 0.49. On the community side, we launched our fifth annual giving review at the end of last year, celebrating the AUD 92 million in philanthropic grants for fabulous charities that we did in FY 2022. We've now published that five times. In total, we're close to a half a billion dollars of grants over that period.
It really is just an enormous contribution that we're facilitating from our clients into the charitable sector of Australia. We're really proud of that result. We've tried to increase our volunteer levels following COVID, where they dropped off. This slide at the top just shows the progression of earnings per share. I mentioned before that it's been impacted by the capital raise in September. We had that capital on board for three of the months, but we only had earnings from AET for one month. You can see the EPS down there at AUD 0.532 on an underlying basis. The dividends there, as I said, a cent up on the prior corresponding period and equaling what we did at the final dividend for FY 2022.
I think that dividend, you know, the board chose to keep the dividend there at AUD 0.49. I think it reflects the underlying organic performance of the business, the outlook for how we see that progressing in the future, and I think our increasing confidence of the benefits that the AET acquisition is going to give to the company. This is a little bit of a busy slide talking about the AET integration, but I can say that it is on track to our plan. We've established a really solid governance structure to deliver the program. It is a program that's gonna last for another 18 months as we build the NavOne system and then transition the AET client base from the Insignia systems across to our new NavOne platform. We set up the plan in 4 stages.
The first stage, we announced this acquisition in August of last year. The first stage was to get to completion, by 1 December. We achieved that. The next stage was to do a complete organizational restructure, which we have now done just in the last week. That has been really well received, by people in the business and I think sets us up really well for our front-facing, efforts to the market.
The next two stages is, the next stage is to exit the platform business, as we've indicated before, outsource the administration of the small APRA funds, because it's not really an area that we would wanna have expertise in, and repricing of the small APRA fund business and continuing to build the NavOne application and Hub24 application for our business, and then migrate data progressively over time. There will be stages of data migration. Our plan is to have this all finished by October of 2024. What I can say is we're absolutely on track, according to the plan that we set at the start. In terms of how the integration is progressing, I just wanna touch on a couple of points. I'll just start on the people front.
I guess the most pleasing thing about this is the AET people, you know, are very professional, experienced trustee people, and they've very common trustee mindset, and we're building that cultural alignment. I've really been pleased with that. We've secured all the key employees from the company. That was really important. The main asset of this company, whilst it's the client base, it is actually the expertise within the employees, and I'm really pleased that they've all come on board. I mentioned before we've undertaken an organizational restructure. We now operate on one single structure. We have great leaders in place in all the key parts of the Trustee & Wealth Services business and also on the superannuation side that's come across as well.
you know, being able to choose between the expertise that we have in our leadership ranks as well as what was in the AET leadership ranks, really, it's gonna serve the business incredibly well, the new structure we've got. On the product front, we've aligned new business pricing. We did that on the first of December. That has some increase in the AET prices embedded in it. We are implementing new prices for the small APRA fund business. They're being implemented in March to start on the first of April. That's really positive. We're aligning the investment approaches. This is a quite important point.
We've got a very clear in framework for investment management within Equity Trustees, and we'll be aligning the AET investment approach to that investment approach, which also includes managing some of those assets ourselves. We're reviewing the brand strategy. We're not in any hurry on that, but we will progress that through the course of the year. On the governance side, we've consolidated licenses in respect of advice and estate planning. We have a plan as to ultimately how to release capital in relation to the traditional trustee license we're operating under and custody license. We're embedding and implementing the EQT governance and risk frameworks and controls. That's well advanced. On the premises front, we're all co-located together, and we were from December.
We have new premises being established in Perth and Brisbane, and our people will be into those by April, start of April. Finally, the interaction with Insignia, who we're relying on for transition services, is working really well. We thank them for that. Communications have all been rolled out successfully. Our websites are aligned, and all of our distribution partners have been engaged. Just to remind, you know, people of synergies and how we're going on those. We effectively, when we announced this acquisition, we said there were three, I guess, key financial measures. Our net cost synergies of AUD 3.5 million per annum, revenue synergies of AUD 3.3 million, and implementation costs over the course of two years, roughly, of AUD 22 million.
We didn't indicate to the market that we would achieve any capital release. We now feel confident we will achieve a capital release of AUD 10 million. We're just reminding investors, you know, this was an acquisition of AUD 135 million. We expect an AUD 10 million capital release. That will take us to the end of 2024. We've released capital before in putting trustee companies together. I'm very confident we'll achieve that. How are we going on each of these? On the next net cost synergies, we're advancing on the exit of the platform business. We've reached agreement on exiting the safety deposit business, which wasn't making money. That'll be implemented in March.
Salary repricing, as I mentioned before, is on target to start on the first of April, and the other synergies are well advanced in terms of some other expense synergies. The full timing of this will come down to when we can actually exit the platform business, and we're progressing that as quickly as we can. On the revenue front, that'll be progressively achieved over FY 2023 and FY 2024, fully achieved going into FY 2024. I think I'd say that, you know, we've got an increasing confidence level in the potential for additional synergies on the revenue side. Our estimate of implementation costs of AUD 22 million, I think we're on track with that. I think it's a good estimate. It includes technology, integration, transition services from Insignia, as well as some redundancy costs built in there.
In summary, we've got, you know, we've had strong performance. We've got continued growth momentum. You know, the funds under management administration subdivision have grown to AUD 155 billion. EPS was impacted, as I mentioned before, by the capital raise and also the one-off acquisition and integration costs. Really pleased with how the AET integration is proceeding. Major technology investment is starting to pay off. We've delivered on the first stages of what we wanted to achieve and have a clear plan for the following 18 months. Continuing to deepen our community impact. AET enables us to do that even more with, you know, parts of their client base and continuing to deliver for all of our stakeholders. With that, I'll hand over to Phil, who will take you through the financials in some detail.
Many thanks, Mick, good morning, everyone. Let me start first with the P&L. Here you can see just sort of working down the chart. The top line is particularly strong, 12.3%, including AET, but still double digit excluding AET. Expense growth has also been signiPhicant, but naturally reflects the one-off acquisition integration costs and the additional AET costs, of course, higher levels of technology investment. Underlying profit after tax is up 11.3% on the second half of 2022 and up 2.5% on the PCP, notwithstanding adverse markets on average over the period. Statutory EPS is well down, reflecting those one-off large acquisition integration costs in particular. Underlying EPS is also down, reflecting the signiPhicant share issue with only one month's earnings from AET.
Down at the bottom of this chart, you can see the underlying EBITDA and EBIT continues to be pretty healthy. Just looking at the revenue in a bit more detail. This bridge, just working across from left to right, you can see the AET contribution there of AUD 3.2 million for the month. The equity market impact on the group more broadly has been negative, reflecting those the impact on average over the period. Organic growth, quite strong, circa 10%, which is pretty healthy for the EQT business. Moving now to the expenses. Similar bridge here. Just working that across again from left to right, you can see the non-recurring costs there. There's about AUD 4.6 million of acquisition/integration costs, AUD 1.4 million of technology implementation costs. The AET uplift costs you can see there.
A small increase of support staff that EQT requires to support the expanded business that didn't come across with the acquisition. Then you can also see the underlying OpEx increase, which is particularly driven by increases in salaries and related costs. You may recall a year or so ago, we had quite high vacancy levels, and those have been normalized somewhat over the last 6 to 12 months. There's been a catch up there that's been material. Replacement staff, unsurprisingly, typically gonna be more expensive than the staff that have gone before them. There's also been targeted investment to support growth in the revenue BUs. Now, looking at some of the key financial measures. You can see the progression here remains quite encouraging. Top line in particular, quite strong. EBITDA remains solid. Underlying net profit after tax, likewise.
The dividends remain at good levels. Turning now to the individual business units and providing a bit more color on their performance and starting firstly with TWS. Here you can see the particularly strong performance from TWS, even stripping out the AET contribution. You can see on the right-hand side the increase in FUMAS, which is contributing particularly from AET of AUD 5.9 billion. Setting TWS up for a pretty good second half in particular. Now, having a look at the impact of the acquisition more broadly on TWS. You can see the main sub-businesses, if you like, and then the light blue is the increase in FUMAS as a result of the AET acquisition. You can see that the large increases are particularly in continuing trust, community and not-for-profit trust, and health and personal injury.
As Mick mentioned, this is highly complementary. The increases are particularly where we haven't been as strong, and this has really rounded out the all-round capability and strength of the TWS business. Putting the FUMAS to one side, the underlying momentum in this business is also quite strong, and particularly across advice, estate management, investment mandates, and health and personal injury. There are good pipelines of new business which we expect to benefit us in the period ahead. Turning now to superannuation. Again, on the left-hand side here, you can see the bridge. Pretty good revenue growth, notwithstanding any negative equity market impact. A small contribution from AET. Overall a pretty sound performance. You can see on the bottom left some of the key contributors to that. An overall healthy growth in both members and funds under supervision and the pipeline continues to look encouraging.
Turning now to CTS. The bridge here you can see pretty good revenue growth. As Mick mentioned, impacted by a small number of client mandate losses and one signiPhicant internalization. The pipeline continues to be very active and we think the business continues to have a positive outlook, notwithstanding there's a drop in the funds under supervision there. One of the key components of CTS is the custody and debt capital markets business. Let me just provide a bit more color in relation to that. Here you can see good momentum more broadly with positive trends across most of the key metrics. There has been a slower start for debt this half, partly on account of the rise in interest rates and the less clear economic outlook. More broadly, custody and other aspects of this business continue to look promising.
Now moving to the U.K. and Ireland. Slightly lower FUMAS overall, principally reflecting adverse markets and the exit of some small line economic clients. More broadly, the pipeline is still positive, particularly in Ireland where we're seeing some good growth. However, we're exploring all options to improve performance in this business. Moving on to the balance sheet. Here you can see it remains quite strong post the capital raise and post the AET acquisition. We've got high levels of cash. Much of that, of course, is related to the associated regulatory capital needs, and I'll talk more about that shortly. The ORFR loans have reduced. This is due to a positive reassessment of the risk profile enabling a lower ORFR in relation to one of our key clients, which has been helpful. There's been a modest increase in corporate borrowing.
More broadly, this still remains plenty of flexibility should we need it in the future for growth opportunities. Turning to the cash flow. The cash flow remains pretty solid. The key outflows, of course, tax and dividends. Collections are expected to materially improve in the second half, and likewise, I think we see the cash flow improving further in the second half. Along with that, bad debts continue to remain negligible. Finally turning to liquidity, which is a key metric for our business. You can see moving from left to right on this chart, the high level of liquid assets, well over AUD 100 million. There's about AUD 78 million required for our regulatory capital.
Some ORFR related cash and our surplus for cash of about AUD 21.6 million, along with the committed undrawn facilities of AUD 48 million, takes us to about AUD 70 million of surplus liquid assets and committed undrawn capacities, undrawn facilities. Which gives us plenty of capacity for either additional flexibility or selective investment. In summary, strong organic revenue growth. Higher expenses largely due to the one-off items. Statutory impact consequently impacted, but the underlying impact is solid. AET's performing as expected and the integration's on track. Cash generation remains strong. We've got a sound capital position with flexibility to fund future growth. Let me now pass back to Mick to update you more on strategy.
Yes. Thank you, Phil. Let me give you an update on strategy and just the outlook for the company. You know, you've seen this slide before, I think if you've come to these presentations, but it hasn't changed our purpose. Help people take care of the future. It's simple, it's important, right? Rewarding for everyone working in this company. What does that mean? Safeguarding people's wealth now and for generations to come. Being a trusted independent partner to help grow and manage clients' wealth. Help protect members' and investors' interests. Empower clients to improve the lives of others and support the community. It's underpinned by our three values. Trusted. You know, this is a really important point given the power that trustees have in the arrangements that we enter into. Accountable.
The high standards of the regulatory oversight makes it important we're accountable. Finally, empowering. We are really facilitating others to do things that they can't do themselves. This is an overview of the group strategy. Again, this hasn't changed. You know, this company is looking for consistent growth in shareholder value and returns. We're not expecting some huge blowout in returns, and we're looking for consistency year on year. Market leadership in all of our specialty areas. We don't want to be in markets and just being an average player. We want to be the leader. Certainly, AET gives us a step up in so many areas. Our reputation is really important to be a stable, enduring, trusted corporation. In terms of the strategy, business growth is important.
What our focus here has been on all lines of trusteeship and building them out over time. It's on ensuring that we've got the capability to deliver in each of the areas. The underpinning of the markets are very attractive to trusteeship. Firstly, the growth in superannuation underpins our Corporate Trustee Services business and the super business and the intergenerational wealth transfer opportunity underpins our Trustee & Wealth Services business. Both of them are very strongly growing opportunities in excess of normal GDP growth. The client service front, that'll be an increasing focus going forward. I talked about the technology investment that we've already done and what we plan to do. On the capability side, you know, people, the people in this business are incredibly important.
We've got teams that are committed, caring, skilled, resilient people, looking after clients and in many cases, very, very vulnerable clients. They take that very seriously. The capability of the team, as well as the technology that supports them, is critical to the business. Finally, on the community front, as I mentioned before, we're having a bigger impact on the community with the acquisition of AET. You know, the philanthropy business will increase in size. We take on a very large health and personal injury book of clients, and that's a very vulnerable client base and that'll need considerable assistance and advice. Then finally, we've signiPhicantly increased the footprint we've got in the indigenous community business in looking after indigenous communities' wealth, particularly over in WA.
This slide just shows you the sort of timeline of acquisitions that Equity Trustees has made over in the market, culminating in this acquisition of Australian Executor Trustees. We've been very active over the course of the last 10 years with a number of trustee acquisitions. 4 trustee companies, 2 private client trustee companies in ANZ and Sandhurst, and 1 in superannuation and 1 in the responsible entity part of the business. Australian Executor Trustees has also been very active over this time and prior to that, and has a long history dating back 140 years, similar to Equity Trustees. This really, to some extent, brings together 2, you know, really leading active companies with a 140-year history.
I guess it gets to a point in this market where some opportunities of acquisition, they are still there, this is really an important asset for Equity Trustees to acquire. What AET gives us is leadership geographically and by business line. AET was it was the leader in the market in Adelaide, where its headquarters have been. It's the leader in the market in Perth. It's the leader in the health and personal injury market. It's got a really strong and sizable indigenous community trust business. EQT is a leader in the Melbourne market, is a leader in philanthropy across Australia. Had a pretty strong position in Sydney and in Brisbane.
Of course, AET has position in both those markets as well, giving us a really combined strong position in both of those markets. We couldn't have had an acquisition that is more complementary as our two companies come together. The initiatives that each of the businesses are focusing on over the course of the next six months, I'll just quickly run through these. On Trustee & Wealth Services, the whole focus is on the AET integration and making sure that works. Capitalizing on the new iPhi system for active philanthropy. You know, that has rolled out well in December, and now we'll have an opportunity to apply it more broadly across the market. Continuing the technology investment we've started and enabling us to deliver excellent client service to our clients. With that, reengineering some of our processes in TWS.
Building on our responsible investing capability that we've put on more people in that area over the course of the last 18 months. That is very much aligned with our purpose as a trustee company. Capitalizing on the highly rated and top-performing funds that we've got in our asset management stable. That's really important for the Trustee & Wealth Services business. I'll move on to the superannuation side. We're continuing to capitalize on the demand for independent governance. The pressure from APRA, the main regulator in this space, has meant that people are turning more and more to our service. Our focus on business development is in the retail institutions, and those are the heavily advice-based, and we see great opportunity there. We're industrializing our digital platforms.
As I mentioned before, this is an AUD 40 billion business with 15 superannuation funds, many options of complexity and sub-plans to offer. Technology is really important to enable us, but focusing on where trustee judgment is required. The Corporate Trustee Services front, we've rolled out the first stage of Salesforce. We'll do more stages of that to build that platform out. We wanna be the RE of choice in this market, which we are. We're picking up a lot of the global fund managers that enter the Australian market and continue to enter the market. Structuring innovative solutions for super funds as they internalize their investment management. We've picked up a number of super funds as clients in the last 6 months. Focus on larger scale opportunities. There is increasing demand for listed vehicles as fund managers expand into retail distribution.
Importantly, the accelerate our growth in the debt and securitization market and custody and the MIT market. We're only a small player there. We've now got a team of eight, so four in each of those areas as we build out the capability, but also continue just to secure new clients. As Philip mentioned before, address the performance that we've got in the UK and Irish business. Just to size it up in terms of scale. For us in FY 2023, it's a $2 to 3 million one-off OpEx investment that continues into FY 2024 to be a $1 to 1.5 million investment, and mostly on the OpEx side. It's focused on all parts of the business.
In Corporate Trustee Services, continuing to build out the Salesforce platform to enable us to centralize our client and task management. We expect a good productivity improvement of 10%-20% from that investment. Trustee & Wealth Services, as we're replacing the Garradin system that we've had for more than 10 years, with NavOne platform backed up by the Hub24 platform. We expect an annual revenue uplift from that. We've already achieved some AUD 750,000 of revenue uplift because of the capability the NavOne platform has given us, enabling us to secure a new client, and then cost efficiencies over time of about half a million annually. On the superannuation trustee services side, the data analytics will continue to increase in importance, and reporting will continue at an increased importance, and we'll keep investing in that.
On the finance side, we are putting in place the Workday platform, and we're advanced on that already, and it will be rolled out over the course of the next 6 to 12 months. Governance risk and regulatory management is core to our business. Here's just a couple of measures about how we're going on that front. Our relationships with both APRA and ASIC, the two main regulators, have been really solid. We aim to be, you know, a model regulated entity, and I think we have been that over the last five years when the market has been in signiPhicant amount of turmoil in this area. We haven't, so I'm really proud of that.
All of the issues that are going on in the industry from ASIC and both APRA, you'd expect Equity Trustees to be involved in all of them, given the footprint of $150 billion of assets that we have. I think we're doing very well in meeting all of the needs of the two regulators in terms of the areas that they're looking at. We've got specialized platforms that we use for risk management. Camms for our risk and compliance, and Xylo for our service provider oversight, ArcPro for disclosure production. You know, we have something like 700 to 800 disclosure documents on offer at any point in time, and our proprietary Member Outcome Assessment platform.
We measure risk culture every year by surveying all of our staff, we're really happy with the overall result that we've got there. You can see there is actually a tick down just in the last month. Now, part of that is, you know, a bunch of new people coming to the business, 500 people in total now, but it is an area we'll continue to focus on. Finally, in summary, just, let me walk through this. We firmly believe our strategy is on track. It's delivering really good organic growth, as you saw in those revenue numbers, and inorganic growth in the way we've taken on the AET business. We are transforming the business. The revenue has continued to rise, and the funds continue to rise. Net profit reflects the investment we've made in growth.
The AET acquisition provides us one, a leadership position in so many markets. You know, over the course of the last couple of months, our integration is really on track, and we're very confident about achieving those synergies that we set ourselves, both on the expense side and particularly on the revenue side. We are making a transformative investment in technology. I'm really pleased over the last six months how much we have already rolled out. It gives me confidence about what we can do in the next 18 months and the impact that will have on clients and productivity. We see more opportunities for growth. We've got a small Corporate Trust business that we've started investing in some years back. Really providing, you know, good solid earnings uplift for us now. We'll continue to develop that business even further.
Philip mentioned how solid the balance sheet was and the flexibility that we have there. We really see positive momentum for FY 2023 and beyond. With that, I'll stop, and we'll take some questions. We've had some questions that were delivered to us earlier. I'll start on those. The first one is, how are we tracking against competitors? Well, I mentioned before, we've got a really strong position around the country, in the private, in Trustee & Wealth Services. On the RE front, the Corporate Trustee Services front, you know, we are the leader in RE services, so we feel in a really good position in securing clients there. We win more than we lose in that market.
Really an independent, you know, I guess, trustee services for superannuation funds, we're really the only party, I guess, being considered in the market by most players. It's a strong position against competitors across the board. Corporate trust side, we're a small player against a really successful, quality player in the market. We'll just keep, you know, trying to prove our capabilities and expand that client base. The next question is, are we looking to diversify into new or adjacent business sectors? Look, I think the answer that I'd say to that is not yet. There's no need to do that. Our strategy of focusing on trusteeship and being every line of trusteeship is really proving successful and has proven successful. We'll continue pursuing that at this point in time.
There's a lot of runway in each of these sectors of trusteeship. Can we update on any plans to exit the AET self-managed super fund and PMS platform business? I might hand over to Phil, but if you want to comment on how we're going on the fix of that platform business.
Yeah, look, thanks, mate. Yeah, look, we're running a process, and we're talking to a number of parties who are interested in that particular business. There's the SMSF piece, the PMS piece, and also the outsourcing of the superannuation administration. Ideally, we find one party that can deal with all three components, but we can deal with a couple of parties if we need to. It's still early days. There's obviously diligence going on. We'll have more to report in the next few months.
Thanks, Phil. The next question we had, pre-recording is: What is the board's expectation, 1, for business growth and, 2, for the share price in 2023, 2024? Well, I'll comment on business growth. I don't think the board has an expectation on share price going forward. If I just comment on business growth. We've had very good organic growth. We've got a leadership position in each of the markets we're competing in, so the underpinnings are really solid. We expect to continue to see good organic growth. We've got a good pipeline of new business in each of the areas. Our expectation is for continued solid growth. We'll come to the questions that have come up through the presentation.
firstly, the first question goes to can we provide some more color on our operating cash flow for the half? What are the details around timing of collections and how the higher expense base has impacted the result? Should we expect a return to more normal cash flow conversion in the second half of 2023? Phil, I think that was more for you.
Happy to deal with that, Nick. Yeah. Look, good question. The collection, it is largely a timing issue. There is one or two large receipts that will assist considerably and which will fall quite soon in terms of their covering into the into the business. Obviously, the addition of AET is something we're still getting our arms around, but we're very confident that'll return to more normal levels of collections. There is also some outstandings in CTS that, you know, over the summer haven't come in as quickly as we'd like, but they'll do so shortly. We're very much focused on it. I'm very confident you'll see a signiPhicant improvement in the second half.
All right. The next question is: Is there any reason the one-month revenue contribution of AET would scale for a financial year NPAT contribution for one month that's high at AUD 2.3 million? Anything to think about there? I think that's another one for you.
Sure. Yeah. Look, the, the revenue contribution for one month isn't too far off what we'd expect, multiplying that by 12. There will be some pluses and minuses, and we'll again, talk more about that in the months ahead. Yes, that's a reasonable starting point. The NPAT for AET, which you have there, does look high. The best guide is the revenue numbers and the expense numbers that we've shown in the investor presentation. In the accounts, the actual number for the AET entity is different. Not all the expenses and revenues are in that AET entity. We'll probably take that offline with you, Mick, to give you more clarity.
Thanks, Phil. This is along a similar line. TWS revenue margin, excluding AET, looked very strong at 59 basis points. Will this pick up even post-AET being included for a full period?
Possibly not initially, but over longer periods of time, there is some prospect of that. Still a little early to tell.
Thank you. The next question is costing, SPS are up a lot on PCB, but in line with second half 2022. Is the AUD 8.2 million per half year OpEx run rate sustainable? Maybe I'll take that. Look, our superannuation business, just reminding people, it's gone from AUD 1 billion to AUD 40 billion over the course of 5 years, so it's had very signiPhicant growth at a pretty quick rate. We can't afford to drop the ball. We have been recruiting and basically putting the expertise that we need to manage that business. I think it is set up in a position now where we can take on new clients and new funds if they're small and relatively simple without really additional resource.
If they're more complex, larger scale investments, then that might take more. I think, you know, I think the cost base is sustainable the way it stands in the superannuation business. Next question is: Where do the non-recurring costs sit within the segments? Check in which segment.
Yeah. There's a mix. TWS has got the largest component of the tech piece. There are other smaller components in the other segments as well.
Thank you, Phil. The next one is: Great to see confidence on the capital release of AUD 10 million. We assume it relates to APRA and self-managed super fund platforms. How does it reconcile to AUD 1.1 billion funds under supervision, please?
Sure.
leave that to you.
No, the capital relates more to the not necessarily to the staff business at all. It's really the core trustee business. Essentially, AET has all the requisite licenses it needs. Our licensed subsidiary in the TWS business also has all the licenses it needs. Both of them are holding capital for those licenses. Over longer periods of time, it'll take 18 to 24 months. We will consolidate all of that activity into just one of the legal entities, and we'll be able to effectively hand back some licenses and the need to hold capital or the need to hold duplicate capital.
Right. Thank you, Philip. Next question is highlight pipelining Trustee & Wealth Services, which is encouraging. Where is that coming from in timing and size? Well, that's coming across the board, in Trustee & Wealth Services. Primarily, we are securing business through the legal referral channels but also through other advisory channels as well. I think what's happening is we've always had a strong leadership position in Melbourne, but it's increasingly becoming a leadership position in Sydney and in Brisbane, and now will of course, in Adelaide and Perth with AET coming on board. I think our business development capability has just become stronger over time. It's not possible to really say, you know, exactly where it's coming from.
I think it's fair to say there's an unmet, if you like, demand for trustee services. If we can get in front of advisors, then our services really can add value to clients. I think it's about ensuring the trustee service is well understood across the whole market. I should say in the AET business, of course, there's a strong pipeline of health and personal injury prospects that continue, as it does for our EQT business. We've put those two teams together throughout the country now and, you know, that pipeline of business should continue. The next question is, how does iPhi help clients? How does it help funds under management generation please? Well, look, you know, iPhi is firstly a self-service system.
If you want it to be that, you can pay higher fees to utilize our philanthropy advisors in helping you in your granting programs. The other thing is it has allowed us to drop the minimum, if you like, investment to go into an active philanthropy subplan of the foundation. It's now been dropped from AUD 20,000 down to 5,000. It makes it a, if you like, a much more mass market offer that we can put to market. We couldn't have done that before without the technology. It just would've been operationally too expensive. This is straight through technology.
It allows clients to choose, you know, from the full list of 3,000 DGR 1 status charities from the ACNC website without having to check whether they're eligible to receive a grant or not. It'll just drop down through that, and they can filter through. We think it's fantastic technology. It'll give clients a history of everything they've done. You know, I think this is the future of philanthropy and structured giving by starting earlier and younger with small amounts of money and building over time. The philanthropy team are incredibly excited by the capability that gives us as well how it will help our clients. As a reminder, how quickly does recent market strength take to flow through the business in terms of the revenue? Is there a lag or is it immediate?
I'll hand that one to Philip.
Sure. Thanks, Mick. look, the market strength is effectively comes through immediately. It's the average daily market impact that is important. As each day it goes up or down, it has an immediate impact.
Thank you, Philip. Next question is, in regards to AET AUD 22 million implementation costs, does this assume that all staff in the AET platform business exit rather than being transferred to a new owner? Is it likely that some staff will actually be transferred to a new owner? Is it realistic to expect EQT will actually receive some dollars for the sale of the platform business? What's the process and the timing of that?
Sure.
Yeah. Yeah. Okay. Right.
Look, it's more likely than not that some staff would transfer, but the AUD 22 million is a conservative worst-case scenario. In terms of process and timing, obviously, the process is underway. The timing will depend on the nature of the arrangements that we ultimately enter into with the preferred party and the extent to which there may need to be a technology transfer and a TSA associated with that. You know, I think that we'll know a lot more about the situation at the full year results and where we can give a, I think, I would hope, like to think, a pretty comprehensive update at that point.
Thank you, Philip. Yeah, I don't think I'll add anything to that. Yeah. The next question is, can you give an update on synergy expectations from AET and when they'll be realized? Transition costs, assuming you can sell that platform. Perhaps I'll make a couple of comments and if you wanna add to it, Philip. Firstly, the net cost synergies, the AUD 3.5 million, we expect to be a full run rate of that for FY 2025. That is all pretty much dependent. Sorry. We've achieved a lot of that already, a good component of it is dependent on the timing of selling the platform business and outsourcing SAF administration. Just reminding people, we're selling the platform business, and we're outsourcing Small APRA Fund administration.
It's all dependent on that, but we've advanced so far in terms of some of the other synergies on that side that we're trying to achieve. Feeling quite confident that the AUD 3.5 million we put forward is what will be achieved. On the revenue front, the AUD 3.3 million dollars per annum of synergies, we expect that to leave by FY 2024. We have started on that already. We have aligned, if you like, what are the proposed investment structures for different trusts that we're taking on board. That process is starting, and again, we feel confident about that number. We also point out that we've got increasing confidence that that synergy may be higher than what we've put there.
Finally, on the implementation costs, we've done a full review of the whole implementation costs, you know, seven months on from when we did it last time. The AUD 22 million is pretty much in the ballpark of what we expect. It might be a fraction less, but you know, that's what it expected. Most of that will be in FY 2023 and FY 2024, a little bit in the first half of FY 2025. Hopefully that clariPhies that. As Philip commented on, the AUD 10 million capital release is more likely the end of 2024 to achieve that. That brings an end to the questions. Really appreciate everyone coming on the line this morning.
Hopefully, that gives you a good overview of the results for the first half of FY 23. As I said, we're really pleased with the results and really pleased with how the integration of the AET business is going. We look forward to coming and talking to investors individually over the course of the next week or so. Thank you very much for your attendance.